After two decidedly subpar coupon auctions earlier this week - a soggy 3Y and a disappointing 10Y - moments ago we got the week's final sale, this time of 30Y paper and this one too could have been stronger (although it also could have been worse). 

The reopening of 29Y-10M cusip UM8 priced at a high yield of 4.734%, which while up from 4.651% last month, was still the second lowest since March. It also tailed the When Issued 4.730% by a modest 0.4bps, the 3rd tail in the last 4 auctions.

The bid to cover was 2.382, virtually unchanged fractionally higher than 2.376 last month, and above the six-auction average of 2.367%. 

The internals were better with Indirects awarded 64.5%, up from 62.0% in Sept and the highest since June. And with Directs also taking down a solid 26.9%, Dealers were left with just 8.7%, the lowest on record, a solid results all else equal.

Overall, aside from the modest tail, this was a good auction...

... and the market agrees, with the price of the 30Y flat on news of the solid (if not stellar) auction.